G7 Agrees to Release 100 Million Barrels of Oil and Fuel Products
The Group of Seven (G7) wealthy democracies have agreed to release 100 million barrels of oil and fuel products in an effort to stabilize the global market and bring down prices. The decision comes after gas prices in the U.S. and abroad hit record highs, with the national average for a gallon of diesel in the U.S. reaching $6.37 on Friday.
According to President Donald Trump, who made the announcement on social media, the release will start 'immediately' with 'substantial' amounts of diesel within the next 20 days and the rest over four months. The G7 countries agreed not to limit energy exports to each other, despite calls from some Republicans in the U.S. to ban U.S. exports of diesel.
The release is in addition to a March announcement that International Energy Agency member countries would release 426 million barrels of oil and products to stabilize the oil market. European Union countries committed about 92 million barrels, with a focus on refined products made from crude such as diesel.